The Maritime Blockchain Labs has decided to track shipping fuels on the blockchain to enable environmental regulations.
The Problem
Most goods are shipped with dirty bottom-of-the-barrel fuel. These bunker fuels increase soot, sulfur, carbon dioxide, and ocean acidification, and recently, a global contamination crisis is causing engine failures at sea. However, there is no way to track fuel data or enforce clean fuel requirements due to an informal and occasionally corrupt international supply chain.
The Solution
To fill this need, Maritime Blockchain Labs created a solution using open-source blockchain technology that allows all stakeholders in the fuel supply chain to submit data on the quality and quantity of fuel sources—from fuel producers to suppliers, to transfer at the terminal, to onboard combustion.
This data provides an accurate record of fuel sources and emissions in the maritime industry. This enables authorities to monitor and regulate emissions and allows insurance companies to pay out compliant shipping companies for engine failures due to contaminated fuel. Maritime Blockchain Labs will help create a system that transforms the maritime industry and mitigates pollution levels.
Market Opportunity
- Insurers won’t insure an engine without a compliant chain of custody, putting shipping companies at risk in the event of engine failure due to fuel contamination.
- The maritime industry is beginning to transition to new and alternative fuels, but regulators can’t enforce effective environmental regulations without accurate fuel data.
- Before Maritime Blockchain Labs, there has been no way for insurers or regulators to access or track shipping fuel data.
Organization Highlights
- Developed product with the Port of Singapore and tested it in Port of Rotterdam to trace products being shipped with bio-fuel from Rotterdam to New York
- Speaking engagements: Shipping2030 Asia, Europe, and North America; Singapore Int’l Bunkering Conference (SIBCON); World Bank Innovate4Climate Conference; World Economic Forum Climate Action, and more
Existing Partnerships
Maritime Blockchain Labs currently partners with shipping organizations such as:
- Lloyd’s Register, who shares knowledge and information about fuel supply and quality testing processes and data, and the environment for the building and piloting phases
- BIMCO, the world’s largest international shipping association, provides contractual and industry knowledge
- A consortium including the International Bunker Industry Association (IBIA), LR’s FOBAS team, Bostomar, Heidmar, BIMCO, Goodfuels, and Precious Shipping have all been involved in testing their prototype in a simulated environment
Organization Goals
Maritime Blockchain Labs seeks to achieve the following goals in deploying their initial pilots and moving into their growth phase:
- Increase partnerships and revenue customers from all stakeholder classes, including ports, shipowners, insurers, and fuel providers
- Seek seed funding through a joint venture model
- Grow their marketing and communications to convincingly share their approach and data
Partnership Goals
To reach the goals mentioned above, Maritime Blockchain Labs seeks partnerships to:
- Connect to investors, product champions, and global partners in port communities and shipping areas
- Build international visibility through the addition of one to two board members
- Collaborate with technical advisors to mentor and advise on the business model
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Source: SOLVE
